41.7k views
5 votes
Explain which one of the above market control measures is applicable in the Labour market and justify why it is important to consider the effects of such action

1 Answer

2 votes
I understand here the "above market control measures" to be prize floor and price ceiling.

In a Labor market, the prize floor is the relevant one: it makes sure that the products produced by the workers and their companies will not go below certain prize, which means that it provides a security of livelihood for the workers. However, it might scare people off from buying the product - and this is what is important to consider- it might be risky and result in not selling the product
User Ramki Anba
by
7.7k points

Related questions

1 answer
4 votes
191k views
1 answer
5 votes
197k views
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.